Small Firms Association welcomes new Brexit Business Loan for Small Business

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The Small Firms Association (SFA) welcomes the opening of a new Brexit Business Loan announced today by the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar T.D., to help small business prepare for Britain’s exit from the single market and customs union at the end of this year.

Sven Spollen-Behrens of the Small Firms Association said: “The introduction of the new Microfinance Ireland Brexit Business Loan will allow small firms whose turnover already is or is likely to fall 15% or more or if the business has a short term cashflow need as a result of Brexit, to take preparatory action for what could be some very difficult weeks and months ahead.

“The extension of this new Brexit Business Loan to alcohol producers will be well received by small distilleries and microbreweries, as the drinks sector is heavily reliant on the UK market. Small distilleries and visitor centres have suffered greatly, in recent months, due to reduced tourist numbers.

“Small firms continue to hope to see a swift conclusion to Brexit negotiations. As a ‘no trade-deal’ Brexit would spell further difficulties for small companies who are already intensively managing coronavirus-linked disruption.

“While small business-owners’ minds are, understandably, still very much focused on Covid restrictions, the SFA will remain committed to helping small businesses, as they attempt to manage both a new trading relationship with the UK and ongoing Covid controls”, continued Spollen-Behrens.